Annual General Meeting - $360,000 Private Placement Closes

By Great Quest |
Jul 08, 2008

VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), reports that the Company held its Annual General Meeting on June 5, 2008, at which time Willis W. Osborne, Victor J.E. Jones, Scott B. Hean, Mahamadou Keita, and Robert Veitch were elected to the Company's board of directors. The following persons were appointed as officers: Victor J.E. Jones as Chairman and Chief Financial Officer, Willis W. Osborne as President and Chief Executive Officer, Mahamadou Keita as Vice President of Exploration and Jennifer Nestoruk as Secretary. The Company's Stock Option Plan received the approval of the shareholders, pursuant to which the directors may, from time to time, authorize the issuance of options to directors, officers, employees and service providers of the Company and its subsidiaries to a maximum of 10% of the issued and outstanding common shares at the time of the grant, with a maximum of 5% of the Company's issued and outstanding shares being reserved to any one person on a yearly basis.

In further news, the Company is pleased to announce the closing of a non-brokered private placement with total proceeds of $360,000. The private placement consisted of 3,000,000 units priced at $0.12 with each unit consisting of one common share and one-half of a one year, transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company's capital stock at a price of $0.20 until June 18, 2009.

Finder's fees of $12,768 and 106,400 broker warrants were paid with the warrants exercisable at a price of $0.20 until June 18, 2009. All shares issued are subject to a four-month hold period and may not be traded in British Columbia until October 19, 2008.